Idaho Independent Bank announces net loss

Idaho Independent Bank announced its net loss for the third quarter that ended Sept. 30 was $608,000, or 10 cents per diluted share, compared to a net loss of $1.4 million, or 22 cents per diluted share, for the same period a year ago.

The bank's net loss for the nine months ended Sept. 30 was $2.7 million, or 42 cents per diluted share, compared to a net loss of $2.8 million, or 43 cents per diluted share, for the same nine-month period a year ago.

"The bank's asset quality continued to improve, allowing IIB's provisioning for loan losses to be lowered to $300,000 for the third quarter of 2011, down from $800,000 in the second quarter of 2011, and down from $3.4 million in the third quarter of 2010," said Jack Gustavel, chairman and Chief Executive Officer of Idaho Independent Bank.

On Sept. 6, the bank commenced its previously announced offering of its common stock. As of Nov. 4, the bank had sold 1,723,324 shares at a price of $3.40 per share, raising about $5.9 million of additional capital before offering expenses.

The additional capital will be booked during the fourth quarter of 2011.

"We have had a good start to our stock offering. The support demonstrates the confidence our shareholders and investors have in IIB," Gustavel said. "The bank already had solid capital and reserves, substantial liquidity, good markets, and great people, so this additional capital is expected to allow us to build on that strong foundation and help the bank to more quickly implement its growth plans."

Hecla Mining announces exploration expenditures

Hecla Mining Company's exploration expenditures for the third quarter and nine-month period ended Sept. 30 were $9.9 million and $19 million, respectively.

Exploration expenditures during the third quarter included Lucky Friday/Silver Valley with $1.9 million.

Exploration expenditures in the fourth quarter are expected to be about $8 million and total expenditures in 2011 are expected to be $27 million.

Avista energy workshop scheduled for Nov. 17

Avista's next workshop in its series of "Powering Our Future" events - "How do we meet your energy needs reliably and responsibly, while integrating renewable power?" - is scheduled Thursday, Nov. 17 at CenterPlace at Mirabeau Point in Spokane Valley from 4 to 7 p.m.

It is free but seating is limited. Reservations can be made online at www.poweringourfuture.eventbrite.com.

The keynote speaker for the event will be Jim Yost, Idaho Council Member on the Northwest Power and Conservation Council.

Six to be honored for career development work

Ricia Lasso, who works in the Idaho Department of Labor's Post Falls office as a business solutions specialist, will be among six people honored on Thursday for making students and adults aware of the importance of career development to their futures.

Lasso helped launch Idaho Career Connect, a business-education exchange.

As part of National Career Development Month, Lasso will receive the Leadership in Career Development Award after Gov. Butch Otter's proclamation for the month.

If you have a new, relocated or expanded business, or announcement of events, promotions or awards, The Press wants to let our readers know. The service is free and items run Tuesday through Saturday. To get the word on the street on your movers and shakers, call city editor Bill Buley at 664-8176 Ext. 2016 or e-mail bbuley@cdapress.com.